Arkansas' July revenue exceeds predictions by 5.2%

Arkansas' July revenues were $542 million, 5.2% above forecasts and 5.3% higher than the same time period last year, according to figures released Tuesday by the Department of Finance and Administration.

The largest jump in collections was in sales tax, which was $12.1 million above predictions and $12.3 million more than last year, according to the report. The state collected $272.4 million in sales and use taxes in July.

Corporate income taxes were down by $4.8 million year-over-year but still $2 million higher than forecasts, according to the report.

Individual income tax collections were up $11.4 million higher over last year's totals. The $253.1 million collected in July was $1.4 million higher than predicted.

July is the first month of the 2023 fiscal year. Arkansas finished fiscal year 2022 with a $1.6 billion surplus. Lawmakers meet in a special session to decide how to spend the surplus beginning Monday.

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